Issue Summary - Low-Income Housing Tax Credit Program

Jul 12, 2017

An Excerpt

The Housing Credit has financed nearly 3 million apartments since 1986, which have provided roughly 6.7 million low-income

families, seniors, veterans, and people with disabilities homes they can afford. It has provided affordable housingto all 50 states and all types of communities, including urban, suburban, and rural.The Housing Credit has generated $310 billion in local income and $122 billion in tax revenues, and has supportedapproximately 3.25 million jobs over the past thirty years, according to the National Association of Home Builders. Each year, Housing Credit development supports 96,000 jobs and adds roughly $3.5 billion in taxes and other revenues to local economies. Affordable housing also saves federal, state, and local governments’ money through reductions in Medicare, Medicaid, police service, and other spending.